CPPIB acquiring stake in European media company
The Canada Pension Plan Investment Board is investing in Axel Springer, a European digital publisher that’s active in more than 40 countries.
The investment is through the pension fund’s wholly-owned subsidiary CPPIB Europe, alongside funds advised by KKR. The offer, at 63 euros per share, was made this past June in partnership with Axel Springer’s major shareholders, Friede Springer and Mathias Döpfner, to further develop the company and strengthen its position in the market.
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CPPIB’s financial commitment will be at least 500 million euros.
KKR has entered agreements to acquire the Axel Springer shares outside the public tender offer, amounting to about 1.04 per cent of the share capital and voting rights of the company.